Irvine-based Sunwest Bank is expanding into a state outside its usual stomping grounds—Florida.
Sunwest Bank has opened a branch in Sarasota, its first office in the state, and outside the Western U.S.
Sunwest had 13 locations across Arizona, California, Idaho and Utah prior to the deal.
“We’re looking at growing in a high-growth state with strong population demographics,” Sunwest Bank President Carson Lappetito told the Business Journal.
Owners of small businesses in industries like healthcare, accounting and wealth management are moving from high-tax states in the Midwest to the western coast of Florida, Lappetito said.
“The west coast of Florida has a lot of markets similar to Southern California,” he said. “We saw a lot of synergies in Florida to the things we do well in Southern California.”
Founded in 1969, Sunwest Bank is a privately held commercial bank with more than $2 billion in assets. It ranked No. 6 by assets on the Business Journal’s most recent annual list of Orange County-based banks.
“I’m proud to announce Sunwest Bank has expanded into the Florida market,” said Chad Campbell, Sunwest Bank president, Florida.
“My Sunwest Bank team and I have deep roots in the communities we serve and a passion for helping our clients achieve their financial goals. Sunwest Bank’s financial strength, entrepreneurial spirit, and highly experienced team make a winning combination that will serve the Sarasota community well.”
Campbell has 15 years of banking experience, including middle market banking at BMO Harris Bank and BB&T.
Most recently, he was president of Gulf Coast Market and Middle Market Banking Florida for Seaside Bank and Trust.
